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I Am Addicted to Applying for Credit Cards

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kdm31091
Super Contributor

Re: I Am Addicted to Applying for Credit Cards

Ok so you're acknowledging you're addicted to apping, and have made some bad decisions (which is fine; we all have!), but your question remains: should I app for the double cash? The cure for bad credit decisions is not "making up for them" by apping for more cards.

 

No, you shouldn't, IMO....go to the garden, let those new accounts age. Don't feed the addiction any further. You don't need it.

Message 11 of 23
Gunnar419
Valued Contributor

Re: I Am Addicted to Applying for Credit Cards


@Anonymous wrote:

I never had a credit card in my life until spring this year. I don't know why I applied for credit cards but I went on a spree, randomly applying for junk cards. I didn't know that junk cards exist.... Is this a common story for credit card noobs?


It's not unusual at all for cc n00bs to get carried away, and you've been getting good advice here about how to handle things more happily in the future. What you call "junk cards," though, would be enviable to a lot of credit builders! Not a single CreditOne or First Premier in the bunch, and that puts you way ahead of a lot of others. Believe me, nobody considers any Barclay card to be junk and even the CapOne cards you have are decent ones.

 

Maybe these cards don't suit your needs well and that understandably makes them junk in your eyes. Maybe you do need to put more emphasis on research and planning, but it sounds as if you're actually off to a strong start.

Message 12 of 23
takeshi74
Senior Contributor

Re: I Am Addicted to Applying for Credit Cards


@Anonymous wrote:

 

I wish I didn't listen to these stupid credit card ads when I was shopping for an iPhone


It's always dangerous relying on ads for anything.  Ads exist to convince people to buy in to something.  Definitely always do your own research, thinking and decision making.

 


@Anonymous wrote:

Is this a common story for credit card noobs?


Yup. A lot of people have to learn the hard way that constantly applying is not sustainable -- especially with a thin and/or poor credit profile.  You've established that you applied for cards that were just offered to you and it doesn't sound like much thought was put into the decision on whether or not to apply.  You definitely want to change this or else you'll continue heading down the road into trouble.

 


@Anonymous wrote:

Now I want to make up and get another card because I don't like the trash cards I stupidly applied for because of my ignorance. Should the next card I apply to be the Citi Double Cash Back card?


Selecting a card is always about finding what suits the individual.  If you're just responding to offers you need to change your approach.  Determine your needs/wants.  Use that to select cards.  If you want feedback you need to provide us a lot more information about yourself and what you're looking for.  Your OP doesn't contain any information that would help to narrow down the options.  If some thought was put into the prior credit card selections that would be useful information to help us understand your specific needs/wants.

 

As indicated earlier in the thread you also really need to consider whether your credit profile support yet another app and if it is likely to be approved or denied for any card you're considering.  If you had no cards until spring this year and then opened up 5 new cards since then you've done a lot for your credit profile.  Before you worry about applying for anything else, read up on how credit is assessed so you have a better understanding of your current situation and why your actions are red flags to creditors.

 

This is just a starting point but it does have some useful information.  This and other credit sites are resources that you should make use of to educate yourself.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

Applying for a new card at this point isn't going to make up for anything.  It's just going to get you into more trouble.

 


@Anonymous wrote:

What concerns me is the 5 new accounts.


As it should.  If you want to make up for prior poor decisions then realize that 5 new accounts in that span of time is a lot of new credit seeking fro your credit profile.  Seeking more credit isn't the way to address that.

Message 13 of 23
icyhot
Valued Contributor

Re: I Am Addicted to Applying for Credit Cards

Request a CLI on your Cap One cards and consolidate them. 1.5% flat cash back where you can redeem at ANY point is a great uncategorized spend card. See if there are any Barclay cards you would be interested in PCing your Apple too. Discover IT and Amex Blue Cash are GREAT cards. Perhaps you should do some reasearch, look at how your spend pattern goes and let it work for you. I WISH my first 5 cards were these ones. I had a Citi Forward, a NY&Co card, a Kohls card, a Macys Card and Cap1 Platinum. You can definitely maximixe usage of them. 

Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 14 of 23
LadyJEsq
Established Contributor

Re: I Am Addicted to Applying for Credit Cards


@Anonymous wrote:

I never had a credit card in my life until spring this year. I don't know why I applied for credit cards but I went on a spree, randomly applying for junk cards. I didn't know that junk cards exist. I thought all cards were created equal. First I was shopping for a iPhone, then this pop up appeared for me to apply for a Barclay Apples Reward Card for 0% interest for blah blah months. I paid that off and now I have no use for this junk card. I still have their $25 iTunes card. Why buy music when it's free on Youtube or Spotify? Then for whatever reason I decided to learn what credit scores mean and what the .... they were, so I joined some free credit score website. Then they said, with you score you should apply for yaddy yaddy, junk cards. So I ended up with two more junk cards, some student Capital One card and a Capital One Mastercard. Well they are now Quicksilver cards. Then just a few days ago, I decided to go on a frenzy and apply for cards and ignore what these free credit score webpage told me to apply for. I applied for Discover it and American Express Blue Cash and was approved.

 

I wish I didn't listen to these stupid credit card ads when I was shopping for an iPhone. I wish I didn't listen to these stupid free credit scores because they told me to apply for crap cards when I could have gotten better cards. Now I want to make up and get another card because I don't like the trash cards I stupidly applied for because of my ignorance. Should the next card I apply to be the Citi Double Cash Back card? The free credit score made me feel like an idiot and I want to make up for that; kind of like that Snicker's commercial where the guys had to tear off their chest hairs because they did something girly.  Is this a common story for credit card noobs?


I have to ask, so BC and it aren't, in your opinion, "better cards?" Rhetorical question.....

 

I agree with the above poster, go to garden. 

**FICO 8 Scores EQ EX TU **


Message 15 of 23
Anonymous
Not applicable

Re: I Am Addicted to Applying for Credit Cards

OP, your post made me chuckle! I hope that was the true effect you were going for, with the very serious title and then the tongue in cheek rant lol. I was envisioning someone stomping their feet Smiley Wink. Your "starter" cards are decent cards but it all depends on how you use them. Having cards for 6 months and then closing them because you think they are junk is not going to do anything to help your credit profile, which is very good btw as you know. QS has 1.5% cash back so take advantage and PIF and continue to build your rating. Or throw it in a drawer and don't give them anymore business. Your newer cards are very good, so if you like them better use them. But I agree with others, 4 ccs in 5 months is a good start. Use them to your advantage. The good thing about cap1 is that you can always upgrade the card in time if you use it responsibly. And yes, many people would have loved to start where you are now. Many people have to start with secured cards and build up to where you are. But thanks for the chuckle and the visual! Smiley Wink
Message 16 of 23
Anonymous
Not applicable

Re: I Am Addicted to Applying for Credit Cards


@kdm31091 wrote:

Ok so you're acknowledging you're addicted to apping, and have made some bad decisions (which is fine; we all have!), but your question remains: should I app for the double cash? The cure for bad credit decisions is not "making up for them" by apping for more cards.

 

No, you shouldn't, IMO....go to the garden, let those new accounts age. Don't feed the addiction any further. You don't need it.


I agree.  If you got the Discover It recently and it has double cash back then you have a year of a general spend 2% card.  You don't need Citi Double Cash to recieve 2% on general spend until that year is over.   Yes it's not immediate, but it's still 2%. 

 

Even without that the difference in general spend at 1% vs. 2% is incredibly low.  You're only recieving ten more dollars when you spend 1,000.  You'd be better off eventually looking for categories that you frequently spend on in higher percentages imo. 

 

 

Message 17 of 23
Anonymous
Not applicable

Re: I Am Addicted to Applying for Credit Cards

You have good cards, let them age. And I would opt out so you don't get any more pre qualification offers.

www.optoutprescreen.com
Message 18 of 23
Anonymous
Not applicable

Re: I Am Addicted to Applying for Credit Cards


@kdm31091 wrote:

Ok so you're acknowledging you're addicted to apping, and have made some bad decisions (which is fine; we all have!), but your question remains: should I app for the double cash? The cure for bad credit decisions is not "making up for them" by apping for more cards.

 

No, you shouldn't, IMO....go to the garden, let those new accounts age. Don't feed the addiction any further. You don't need it.


Couldn't have said it any better myself.

 

Here is good advice, OP.

Message 19 of 23
TitaniumCash
Regular Contributor

Re: I Am Addicted to Applying for Credit Cards

I concur with the waiting for at least 6 months before doing any more applying. Time to stop and let your credit cards grow.

 

I beg to differ on the list of junk cards though, some of the cards you listed are very good cards. Trust me, if you haven't gotten a Credit One or First Premier Bank credit card, then you haven't seen any junk yet! Smiley LOL

Message 20 of 23
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